Fab famously got traction once the cofounders pivoted from gay Yelp to design-focused flash-sales site. But now that flash sales are no longer the darling of the tech industry, Fab is moving on. Hence the company’s announcement at its kindergarten-like West Village HQ last night: ”We’re going to do a little pivot again,” CEO Jason Goldberg announced.
“We’re redesigning Fab as the world’s number-one design store,” he said. “We’re going from flash sales to design store, and we’re going there in a really big way.”
That means a revamped website, products sold exclusively on Fab, brick-and-mortar stores, and the acquisition of a German company offering customizable furniture.
Fab is reportedly raising over $100 million, at a $1 billion valuation. That’s a jump from the $600 valuation the last time the company raised. [TechCrunch]
Netflix now has (just barely) more American subscribers than HBO. [Variety]
“Apple Inc. is facing an identity crisis on Wall Street.” Sounds dramatic. [Wall Street Journal]
Matthew Keys, who was indicted in March for allegedly conspiring with Anonymous to hack the L.A. Times website, has been fired from his job at Reuters. Apparently they didn’t like a parody Twitter account he created, or his tweets about the hunt for the marathon bombers. [Atlantic Wire]
There’s a startup that wants to disrupt raising your hand in class, FYI. [GigaOm]
Fab.com has made more costume changes than a drag queen. Launched in 2011 as a social network for gay men (name: Fabulis), the company then transformed itself into a flash-sale site selling arty farty tchotchkes. Now, Business Insider suggests, Fab might be gearing up to design its own products. According to a blog post written by Read More
ECommerce Rules Everything Around Me
If there were a word cloud for recent ecommerce reports, it would be shaped like a mushroom cloud with “over-hyped” “implosion,” “froth,” “down rounds,” and “suck it, America, Europe does it better,” all in extra large font.
So we weren’t expecting to hear that JackThreads, the men’s ecommerce site acquired by Thrillist in 2010, had its best revenue month ever in February, even bigger than typically high-selling holiday months. Growth in new members was up 366 percent year-over-year and double the growth in number of new users joining in November and December of 2012.
r/findmeaparkingspace ParkWhiz, the Chicago company that enables users to find and reserve guaranteed parking spaces before reaching their destination, today announced that it has closed a $2 million Series A round of funding led by Hyde Park Venture Partners. Reddit’s Alexis Ohanian also took place in the round along with Hyde Park Angels, Amicus Capital, and others. In a press release sent to Betabeat, the company said that since its launch in 2006, it has driven $10 million in parking revenue to parking operators and provided access to 3 million parking spaces nationwide.
Fab Goes To India Jason Goldberg, the founder and CEO of Fab, took to his personal blog yesterday to announce that his company had acquired new funding. Times Internet, the digital arm of The Times of India Group, India’s largest media company, has chosen to invest in the company. Mr. Goldberg notes in the post, “As part of this investment Fab will be working with Times Internet to explore and execute on our India market strategy in the coming years.” Since launching in June 2011, Fab has raised over $150 million from investors.
Here’s a novel idea for flexing your consumerist impulses on Cyber Monday: organize your shopping by a company’s cap table. For Cyber Monday, First Round Capital, which specializes in ecommerce, has set a site that shows off exclusive deals from portfolio companies like Birchbox, Chloe & Isabel, Refinery 29, Hotel Tonight, UrbanSitter, TaskRabbit, DogVacay, One Kings Lane, and more.
Honestly, we’re surprised New York techies haven’t already set up a buy local site that encourages only shopping at startups for Christmas.
Healthy Hills? Everyday Health, the SoHo-based and more successful version of WebMd, has acquired EQAL, the creators of Lonelygirl15 and the owners of LaurenConrad.com. Everyday Health’s ad revenue grew 40 percent in the first quarter, compared to WebMD’s decline of 20 percent. This coincides with Everyday Health’s announcement that they’re moving beyond YouTube and launching a version of it’s web show “Recipe Rehab” for ABC stations around the country.
Diller Brings Back Dog Ben Silverman’s multimedia entertainment studio Electus, part of Barry Diller’s IAC, just sold ten episodes of a new show starring Dog the Bounty Hunter and his wife Beth to CMT. “Dog and Beth are not only great television characters,” said Electus CEO Chris Grant, ”They are the best bounty hunters in the world, and this show is a natural evolution of their life story.”
Hack Hack Hack Hack It Apart
Late Friday afternoon, the Chelsea offices of Quirky–past the High Line and across from the Porsche dealership–looked like they’d been abandoned in a hurry.
The front desk: unmanned. Tables in the spacious central meeting area: covered in papers but utterly empty. In search of our assigned guide, Betabeat wandered inside the startup, which marries the Read More
Hack Hack Hack Hack It Apart
Quirky isn’t resting on the laurels of that recently announced $68 million series C. Apparently hellbent on setting a new land-speed record for collaborative product development, the company is partnering with Fab.com to bring a brand-new line of Apple accessories to market by roughly the time the latest devices ship later this month.
Hold on to your hats and synchronize your watches, tinkerers, because it’s going to be a crazy 48 hours.
Thrive Capital, the New York-based venture capital firm helmed by 26-year-old Josh Kushner*, announced today that it has successfully raised a $150 million fund for early and later stage startups. The news comes almost a year to the day after Thrive announced a $40 million raise from investors like Princeton University. The fresh $150 million comes from a slew of some of the same investors, including Princeton, Wellcome Trust and Hall Capital Partners.